DepEd 8 extends loan assistance to teachers

By JONNIE H. BUENAVENTURA (PIA 8)
October 21, 2006

TACLOBAN CITY, Leyte  –  With the prolonged and economic difficulties experienced by most of the Filipinos nowadays, the Department of Education (DepEd) thru it’s Regional Director Sol F. Matugas has provided special assistance to DepEd family through its Provident Fund Program.

The program aims to provide DepEd employees and officials assistance in emergency needs, education for their children, hospitalization, and immediate needs of their dependents, minor repair of their houses, and other similar purposes.

The beneficiaries of the Provident Fund are those teachers defined in the Magna Carta for Public School Teachers and the administrative support staff (non-teaching) who have permanent status of employment and who incur official payroll deductions. Casual employees are likewise encouraged to avail of the program provided that they meet the required number of years in service and have at least one hundred (100) days of leave credits.

A maximum of fifty thousand pesos (P50,000.00) can be availed of depending on the type of loan they are applying for and the borrower’s capacity to pay, with an interest of six percent (6%) per annum, on an add-on and straight computation.

This particular program is a standpoint of DepEd’s policy to support and extend financial assistance to its teacher’s who on their efforts and sacrifices in molding the minds of their students; somehow lessen their financial burden.

“We are on the right track to make use of our financial capability to help ease the financial constraints suffered by our employee’s specially the teachers who are the image of DepEd and the shadow behind the success of DepEd’s thrusts and programs, “ said Dir. Matugas.